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Supporting New Zealand’s use of renewables
From geothermal baseload to wind generation, Pendal’s sustainable fixed income strategies are supporting renewable energy across New Zealand
- Funding renewable electricity generation in New Zealand
- Supporting cleaner, more resilient energy systems
- Find out more about Pendal’s Responsible Investing capabilities
REGNAN Credit Impact Trust and Pendal Sustainable Australian Fixed Interest Fund invested in an AUD‑denominated green bond issued by a New Zealand electricity generator, supporting renewable electricity generation in a market that is already largely decarbonised.
New Zealand’s electricity system is among the cleanest in the developed world, with the majority of generation coming from renewable sources, particularly hydro, geothermal and wind.
This provides a low‑emissions baseline while also allowing new renewable capacity to directly displace remaining thermal generation and support growing electricity demand as transport and industry electrify.
Proceeds from the bond are allocated to a portfolio of operating renewable energy assets, predominantly geothermal power stations and wind farms located across the North Island and lower North Island[1].
Eligible geothermal assets include the Rotokawa, Ngā Awa Pūrua, Mōkai and Ngātamariki plants, while wind assets include Tararua, Turitea (North and South), Waipipi, Mahinerangi and Kaiwera Downs[2].
Together, these projects represent several hundred megawatts of installed renewable capacity and form part of New Zealand’s baseload and variable renewable generation mix.
Geothermal power plays a critical role in New Zealand’s electricity system because it provides continuous, weather‑independent generation.
Geothermal plants harness naturally heated water and steam from deep underground reservoirs, using this energy to drive turbines and generate electricity before reinjecting the fluids back into the geothermal system.
While geothermal is not entirely emissions‑free, lifecycle emissions are materially lower than fossil‑fuel generation and well below grid‑average intensities, particularly in a system where geothermal displaces coal‑ or gas‑fired power.
Wind generation complements geothermal by providing additional zero‑carbon electricity during periods of strong wind conditions, helping to diversify supply and reduce reliance on hydro inflows during drier years.
Collectively, these assets contribute to a resilient, predominantly renewable electricity system and support New Zealand’s ongoing transition to a low‑emissions economy.
[1] Mercury NZ Limited Green Financing Framework
[2] Mercury Retail Green Bond Offer
Find out about
Regnan Credit Impact Trust
George Bishay, Head of Credit and Sustainable Strategies
About George Bishay and Pendal
George Bishay is Pendal’s head of credit and sustainable strategies. George’s investment management career spans over 30 years with Pendal and its predecessor firms.
He has also worked across numerous fixed income, credit and money market portfolios in portfolio management, credit analysis and dealing roles for 27 years.
In 2019 George was awarded the Alpha Manager status by Money Management publisher FE fundinfo.
Find out more about Pendal’s fixed interest strategies here
Pendal is an Australia-based investment management business focused on delivering superior returns for our clients through active management.
This report has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL 431426.
It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. You should consider whether the information is suitable for your circumstances and we recommend that you seek professional advice.
The product disclosure statement (PDS) for the Regnan Credit Impact Trust (Trust) and Pendal Sustainable Australian Fixed Interest Fund (Fund), issued by PFSL, should be considered before deciding whether to acquire, dispose, or hold units in the Trust or Fund. The PDS and Target Market Determination can be obtained by calling 1300 346 821 or visiting our website www.pendalgroup.com.
This report may contain information contributed or prepared by third parties. Any information contributed or prepared by third parties is believed to be accurate as at the time of compilation and is being provided in good faith without independent verification. PFSL does not warrant the accuracy or completeness of any information provided by a third party.
To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. No company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of any fund or the return of an investor’s capital. All investing involves risk including the possible loss of principal.